Additions of Holtec, Hanye and Hydro Prokav Advance Company’s Inorganic Growth Strategy
Demonstrates commitment to disciplined inorganic growth in adjacent products and geographies
Expands air treatment capabilities (adds $1B in addressable market) and enhances progressive cavity pump market penetration
Attractive aggregate single digit Adjusted EBITDA purchase multiple on a pre-synergy basis
DAVIDSON, N.C., August 01, 2022--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into agreements to acquire Holtec Gas Systems LLC ("Holtec"), Shanghai Hanye Air Purifying Technology Co., Ltd ("Hanye"), and Hydro Prokav Pumps (India) Private Limited ("Hydro Prokav") for a combined cash purchase price of approximately $35 million.
Holtec and Hanye expand Ingersoll Rand’s air treatment capabilities and enhance the breadth of solutions provided for the larger compressor ecosystem. They will both join the Industrial Technologies and Services segment.
Based in Saint Charles, Missouri, Holtec is an internationally recognized nitrogen generator manufacturer, and the recipient of the 2022 President’s "E" Award. Holtec offers expertly designed onsite nitrogen generation systems for industrial, food & beverage and manufacturing applications and has annual revenue of approximately $10 million.
Based in Shanghai, China, Hanye is an OEM supplier of air treatment products with several unique patents in China around desiccant and refrigerated compressed air dryers and air filters. Hanye has annual revenue of approximately $4 million.
Based in Coimbatore, India, Hydro Prokav manufactures and sells progressive cavity pumps with more than 80% of its approximately $6 million in annual revenue coming from aftermarket parts. Hydro Prokav expands Ingersoll Rand’s presence in progressive cavity pumps and serves as a complementary addition to the recent Seepex acquisition to further penetrate the growing market in India and southeast Asia. Hydro Prokav will join the Precision and Science Technologies segment.
"Through the use of Ingersoll Rand Execution Excellence (IRX), we continue to execute on our robust M&A funnel. The acquisitions of Holtec, Hanye and Hydro Prokav demonstrate our commitment to finding highly adjacent bolt-ons which add products, capabilities and technologies that enhance the quality of our overall portfolio while expanding our addressable market," remarked Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. "All three of these acquisitions are directly aligned with our stated M&A strategy, and we see meaningful opportunity to drive incremental synergies across our global businesses to generate shareholder value."
The acquisitions of Holtec and Hydro Prokav are expected to be completed during the third quarter of 2022. The acquisition of Hanye is expected to be completed during the fourth quarter of 2022.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to our intent to acquire Air Dimensions Inc., the expected benefits of the proposed transaction, the timing of the transaction and the outcome of anticipated revenue and synergy opportunities. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to timely obtain, if ever, necessary regulatory approvals of the proposed transaction; adverse effects on the market price of our common stock and on our operating results because of our inability to timely complete, if ever, the proposed transaction; our ability to fully realize the expected benefits of the proposed transaction; negative effects of announcement or consummation of the proposed transaction on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the proposed transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; the impact of the proposed transaction on the company’s employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005149/en/
Investors: Matthew Fort matthew.fort@irco.com
Nio (NYSE: NIO) reported increasing losses in its second-quarter earnings report this week, but investors are shrugging that off, sending shares soaring Friday morning. Although its profit margins have been on a downward trend, new models being launched could turn that around in the coming years. Consumer prices in China increased at a slower pace than many expected in August, and producer inflation sank to the lowest level since February 2021, reports Reuters.
Peloton Interactive (NASDAQ: PTON) shares beat the market on Friday as the stock gained 11% by 1 p.m. ET compared to a 1.2% increase in the S&P 500. Shares have been reeling in recent months as Peloton struggled to boost sales of its exercise platforms or membership subscriptions to its services.
As we close in on the final quarter of 2022, investors are looking for an answer to one question: was June’s low the bottom for stocks, or do they have more room to fall? It’s a serious question, and there may be no easy answer. Markets are facing a series of headwinds, from the high inflation and rising interest rates that we’ve grown familiar with to an increasingly strong dollar that will put pressure on the upcoming Q3 earnings. Weighing in on current conditions from Charles Schwab, the $8 t
Berkshire Hathaway is on pace to collect $6.07 billion in dividend income over the next 12 months. Just five holdings will account for 71% of total payouts.
The FDA is convening an adcomm meeting of its Pulmonary-Allergy Drugs Advisory Committee, slated for October 6, to discuss Veru Inc's (NASDAQ: VERU) request for Emergency Use Authorization of sabizabulin for hospitalized COVID-19 patients at high risk for ARDS. In a public notice, the FDA said that as part of the adcomm, one of the focuses of the experts will include "the treatment effect size in the context of the high placebo mortality rate, the limited size of the safety database, and identif
The EARN Act is the latest addition to the lineup of proposals legislators have put forth to bolster retirement savings. Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from Idaho, introduced the Enhancing American Retirement Act on Thursday. “Americans deserve dignified retirements after decades of hard work, and our bill is an important step forward,” Wyden said in a statement.
Investors are seeing higher growth potential for QuantumScape's battery cell technology after an interesting EV industry development.
All week long, trading in Nvidia (NASDAQ: NVDA) stock has been strong. After opening lower following the long holiday weekend, shares of the semiconductors-for-gaming leader have notched three straight days of stock price gains -- including this morning, with Nvidia stock up 2.2% through 10:30 a.m. ET. You can probably thank sustained buying by Cathie Wood for that.
The S&P 500 is on again, off again all year. But investors clearly have a "buy list" of stocks they want to own when the rally looks real.
FuelCell Energy (FCEL) posts wider-than-expected fiscal Q3 loss. FCEL's backlog remains strong and the company continues to deliver modules and meet customer needs through clean energy generation.
Shares of Roblox (NYSE: RBLX) were up 7.4% as of 2:02 p.m. ET on Friday following management's comments at the Roblox Developers Conference. Worries over Roblox's decelerating growth in revenue and bookings has weighed on a stock that has shed more than half its value year to date. Roblox's user base has more than doubled over the last three years, but average spending per user on virtual currency (Robux) continues to trend down.
In this article, we discuss 10 dividend stocks with over 8% yield to buy in September. You can skip our detailed analysis of top high dividend stocks, and go directly to read 5 Best Dividend Stocks with Over 8% Yield You Can Buy in September. In the current market situation, investors are looking for different […]
Yahoo Finance Live anchors discuss fourth-quarter earnings for Zscaler.
It's time to be extra picky.
A strong bearish trend defined the markets in the first half of the year; since then, the key point has been volatility. Stocks hit a bottom back in June, when the S&P 500 dropped into the 3,600s. That has proven to be a support level in the last two months, and at least one strategist believes that the market won’t be testing those lows again this year. JPMorgan's Jason Hunter believes that inflation may have peaked, and that the upcoming CPI report will provide additional evidence of that. “We
A couple of catalysts drove the crypto trading specialist higher, including an upgrade by a Wall Street analyst and news it plans to fund a court battle challenging a U.S. Treasury Department decision. Daiwa analyst Carlton Lai upgraded Coinbase to buy from outperform (weak buy), while maintaining his price target of $100. Furthermore, after "years of delay," he views the upcoming debut of Ethereum's (CRYPTO: ETH) The Merge as "one of the crypto industry's biggest events this year."
In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a change for 403(b) plans - a type of workplace retirement plan use mostly by public and non-profit employees. Employer-sponsored plans … Continue reading → The post The IRS Is Changing How Your Beneficiaries Receive Your Retirement Funds appeared first on SmartAsset Blog.
Get a fresh take on your retirement planning. Avoid these three mistakes.
Ford Motor Co Chief Executive Jim Farley will go to Las Vegas next week to roll the dice on a strategy to convince dealers to cut as much as $2,000 from the cost of delivering an electric vehicle to a customer. Ford has told dealers that one key topic for the meetings will be a discussion of new agreements that would govern how dealers sell Ford's expanding lineup of electric vehicles. Farley told analysts in July that Ford needs to cut $2,000 a vehicle out of selling and distribution costs to be competitive with Tesla Inc and other electric vehicle startups that sell directly to consumers without franchised dealers.
ChargePoint Holdings (NYSE: CHPT) stock jumped this week, gaining a solid 21.6% through the week as of 1 p.m. ET Friday, according to data provided by S&P Global Market Intelligence. If ChargePoint impressed investors with its quarterly numbers and outlook last week, an analyst singled out the electric vehicle (EV) charging stock this week as a major potential winner from the Inflation Reduction Act (IRA). Maheep Mandloi from Credit Suisse initiated coverage on ChargePoint stock midweek with an outperform rating and a price target of $22 per share.